#GENIUSActPass Senate with a bipartisan vote of 68-30, marking a significant milestone in stablecoin regulation ¹ ². This bill aims to establish the first comprehensive federal framework for regulating stablecoins in the United States.

The GENIUS Act requires stablecoins to be fully backed by US dollars or equivalent liquid assets, with annual audits mandatory for issuers exceeding $50 billion in market capitalization ². The bill also imposes stricter rules on stablecoins issued abroad and prohibits interest-yielding stablecoins that might compete with traditional deposits ³.

While the bill has received support from some lawmakers and industry leaders, others have raised concerns about its potential impact on innovation and consumer protection ⁴. Senator Elizabeth Warren, for instance, has expressed concerns about the bill's lack of protections and potential disparities, particularly with regards to President Trump's allies and certain crypto platforms ².

The bill will now move to the House of Representatives, where it will face further scrutiny and potential amendments ¹. If passed, the GENIUS Act could have significant implications for the cryptocurrency industry, potentially driving growth and investment in the sector ⁴.